This loan is availed to purchase a residential property. The property can be Flat,
Bunglow, Row House from a Private Developers or Approved Projects. The home loan
may be availed for buying a new residential house or resale of residential house.

This loan is provided to purchase residential or commercial plot.The plot should
be freehold and within municipal limits or in case of direct allotment by the concerned
development authority, outside municipal limits should be approved by municipal
authorities or government authorities .

Loan against property is the perfect way to unlock the hidden value of your property.
Under this loan, property values is assessed by the approved valuation agency or
by internal guidelines of the Banks / NBFCs and funds are provided primarily to
fulfill the credit and commercial needs of the business activity.

Properties marked as residential, commercial and / or industrial properties can
be accepted as collateral

Lease Rental Discounting or LRD is a term loan which is offered to the lessor on
the basis of discounted value of the rentals received from the corporate clients
and the current market value of the property which is leased out.

Loans offer on rental income which is derived as per the registered rent / lease
agreement

Maximum tenor can be upto 9 years or the remaining tenor of the rent agreement

Properties marked as residential, commercial and / or industrial properties can
be accepted as collateral

Commercial Property Loan is a product to fund the purchase of a ready commercial
property. It is a type of a loan against property but works like a home loan. In
loan against property a person can avail of a loan against a property already owned
by self. But in commercial purchase a loan can be availed to purchase a new commercial
property which is not already owned, just like a Home Loan.

• Convenience of contacting us through SMS, Toll Free Number and across all Branches.

• Business Loan eligibility online & across all branches.

• Self employed customers get exclusive higher loan amount.

• Best in class offerings on loan amount, interest rates and charges.

• Maximum tenor is 3-5 years (depend on policy of different financers).

For all those times when you need access to funds quickly and discreetly- a Personal
Loan is your answer.Personal loans are no questions asked unsecured loans given
to individuals on the basis of their profile only i.e. income, nature of employment,
years of work experience etc. Such loans, unlike property based loans or car loans
do not require the borrower to give any kind of security or collateral to the bank.

FAQs (Frequently Asked Questions)

Maximum of Rs.15 Crore as Home Loan for self-employed customers and up to Rs.10
crore for salaried customers basis of KYC norms, Income norms and other criteria
met.

How do you determine my eligibility for a loan
and the loan amount ?

We consider the following factors to determine eligibility and loan amount:

Age

Income

Valuation of Property (Fair market value)

Existing obligations, if any

Stability / continuity of employment / business

Can I get approval for home loan without finalizing on my property ?

Yes, based on your income eligibility, in-principle approval for your Home Loan can be offered. Based on this, you can identify the property you need to buy. The final sanction of your Home Loan will be based on the assessment of the identified property.

What is the maximum tenor that I can get for my Home Loan ?

Maximum repayment tenor of up to 20 years for Self Employed customers and up to 25 years for salaried customers.

How is the interest calculated on my Home Loan ?

The interest is calculated on monthly reducing balance at the prevailing rate of interest of your loan.

Can NRI avail Home Loan ?

NRIs too can avail home loans for purchase of residential property. They can purchase
a house and can even take loan for self-construction on a plot and also for renovation / improvement
of an existing residential property in India.

Like resident Indians, NRIs can avail up to 80-85 per cent of the cost of residential
property as a home loan. However, the down payment should be directly remitted from
abroad through normal banking channels or from non-resident external (NRE) account
and / or non-resident (ordinary) (NRO) account in India. EMI payments too should be
remitted from any of these accounts.

Interest Rates

The amount charged by the lender on the amount lend to the borrower on regular intervals
is called interest.

LOAN REPAYMENT & PREPAYMENT

What the Repayment Options on loans?

You can choose among the following options to repay your loan: ?

• Post Dated Cheques(PDCs)?

• Electronic Clearing System (ECS)?

• Standing Instructions on your banking

account if you have an account with the lending bank Some banks, specially nationalized
ones allow the borrower to make loan payments above a certain minimum limit on a
random basis

What are the different payment options for a Home
loan on a property that is under construction?

The repayment modes remain the same however; you have the option of paying either
pre EMI (interest on the amount of loan disbursed thus far) or full EMI during this
period.

What is an application fee?

Most lenders charge an application fee for processing the loan. This can vary from
0.5% to 2% of the loan amount and varies from lender to lender. This fee is charged
to cover the expenses of processing a loan application. It is possible that a lender
may still charge this fee even I the application gets rejected. Usually, this fee
is either deducted from the loan disbursal amount or the borrower pays it separately
through a cheque.

What is a Prepayment fee?

Prepayment fees or prepayment penalties are charged by lenders when the borrower
chooses to pay-off the loan prior to the agreed tenure. This is due to the fact
that the lender loses interest income for the period that was remaining on the loan
and hence they charge the borrower a penalty for pre-paying. This also acts as an
exit barrier for the borrower if he wants to transfer the loan to another lender
for availing better terms. Most lenders, who allow partial payments on their loans,
set an annual limit for such payments beyond which the pre-payment penalty applies.

What is the conversion fee from a fixed rate of
interest to a variable rate or vice versa?

This fee is at the discretion of lender. On paying a switching fee, you have the
option of changing your interest type from Fixed to Variable or vice-versa.

Other Specific fees on Home loans?

Some Home Loans may have the following charges attached to them: Commitment Fees:
Some banks levy a commitment fee in case the loan is not availed of within a stipulated
period oftime after it is processed and sanctioned. Stamp duty charge: Some banks
pass on the stamp duty charges to the borrower for executing the loan agreement.
Interest Tax: is the tax payable on the interest paid on a home loan and not the
principal. This tax is some times included in the interest rate of the loan, or
may be charged separately as interest tax.

LOAN APPLICATION & PROCESSING RELATED

What is s Co-Applicant?

A Co-Applicant(s) is a co-borrower to the loan and his/ her income and obligations
are factored into the loan eligibility calculation. This is usually applicable in
only secured loans. However all co-applicants need not be co-owners of properties
in the case of property backed loans.

Who can I include as Co-applicants of the home
loan?

You can include your immediate relatives (spouse, parents, or children) as co-applicants
on the loan. Siblings can be co-applicants if they are co-owners to the property.
You also have the option of including proprietor concerns, partnership firms, private
limited companies, and closely held limited companies as co-applicants. Maximum
number of co-applicants for purpose of income clubbing is two to four (varies from
lender to lender).

Can I take a Home Loan for a property in a city
other than where I live?

Yes, you can take loan for construction in one city while working in another. The
banks usually service this loan after getting details of the plot legally verified.

What is the normal turnaround Time for loan sanction
and loan disbursal?

After you have provided all the relevant documents, you can get a sanction for the
loan within 4-7 working days, under normal circumstances. ?On an average, loans
are disbursed within 3-15 days after satisfactory and complete documentation and
completion of all relevant procedures.

IMPLICATION OF NOT PAYING YOUR LOAN

What is a default?

Continued inability to pay your installments for any reason constitutes a default
on your loan. At this point the bank/ lender can demand a payment of the full outstanding
amount of the loan. The lender can also serve a legal notice on the borrower and
in case of secured loans, acquire the loan security (property car etc) and try to
dispose of the same to recover their money.

Can I get a temporary relief from paying my installments?

Yes, in some cases you can. You need to inform your bank in advance. This should
only be for a few days and you will have to pay delayed payment charges. This will
still impact your credit rating.

What happens if I delay some installments?

Delaying your installments frequently may affect your credit profile and might make
further borrowing not only difficult but costly too. However, in some rare circumstances,
if you delay an installment, most banks would charge you a delayed payment charge,
as high as 3%, compounded monthly.

TAX IMPLICAITON ON LOANS

What kinds of tax benefits are available on loans?

Home loan borrowers are eligible for tax benefits on the principal and interest
components of the loan under the Income Tax Act, 1961. One does however need to
keep track of the latest norms with respect to tax benefits as they keep changing.
Other types of loans such as personal loans, car loans etc are not included for
claiming tax benefits Self employed individuals and companies however may show the
interest component of their loans as an expense in their financial statements and
therefore indirectly reduce their tax liability.

INSURANCE ON LOANS

What is loan insurance/ credit insurance?

Most lenders offer an insurance plan covering the outstanding amount on the loan.
This is usually a depleting term plan which covers the risk of an unfortunate event
in the borrowers life that may lead to inability on the borrower or his/ her family’s
part to pay the loan installments. These are usually single premium policies taken
at the time of availing the loan. Some lenders may offer the same at a later stage
as well with coverage equal to the loan outstanding. The standard parameters such
as age, pre-existing illness, smoking profile etc still apply when calculating the
premium for such policies. When availing large loans it is often advisable that
borrowers avail of credit insurance.

In case of property-based loans, does the property
have to be insured?

Some lenders require the property to be insured for fire and other appropriate hazards,
as required during the loan tenure. The lender will be the beneficiary of the insurance
policy. This is often an additional expense which adds to the final cost of the
property.

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